Friday, 28 July 2017

What is panama papers scandal?

The Prime Minister of Pakistan has to resign after his complicity in the panama papers scandal was proved in the apex court. Know what is this scandal.


Islamabad / Paris: Pakistan's Supreme Court convicted Prime Minister Nawaz Sharif on Friday in connection with the Panama Leak case. The court also ordered to register a case against Sharif and disqualify Sharif for the post of PM. After this he resigned from his post. Let us know that tax documents of Panama were revealed from the UK last year, in which it was told how 140 leaders from across the globe and large number of celebrities invested money in tax haven counties.


Why Nawaj was under suspicion?
- In addition to Hussein and Hassan, sons of Nawaz Sharif, daughter Maryam Nawaz started at least four companies in British Virgin Island, considered to be tax haven. These companies had bought six big properties in London.
- Sharif Family had taken a loan of Rs 70 crore from Deutsche Bank by mortgaging these properties. Apart from this, Bank of Scotland had helped in buying the second two apartments.

Court convicts Nawaz, resigns
- Five judges of the Pakistan Supreme Court included Justice Asif Saeed Khosa, Justice Ejaz Afzal Khan, Justice Gulzar Ahmed, Justice Sheikh Ajmal Saeed and Justice Ijazul Ahsan. In the Supreme Court room no. 1. Sharif has been convicted. The bench of five judges, headed by Justice Asif Saeed Khosa, ruled this verdict. The Bench also ordered to file a case against Sharif and disqualify Sharif for the post of PM. 

What is the Panama Papers Case?
- In the UK last year, the law firm of Panama had leaked 1.15 crore tax documents. It was said that Vladimir Putin, Nawaz Sharif, Xi Jinping and footballer Masi had deposited their wealth in countries with tax havens. In leaked tax documents it was discovered that 140 leaders and hundreds of celebrities from around the world had invested money in tax havens countries. These people created shadow companies, trusts and corporations and saved taxes through them.
- The leaked list specifically explains the investments in Panama, British Virgin Islands and Bahamas.
- The people who came under the queries made investments in these countries because tax rules here are quite easy and the client's identity is not disclosed.
- More than 3.50 lakh Secret Secretaries in Panama are international business companies.

Whose documents were leaked, what is Mosek?
- These documents were leaked to Mossack Fonseca. It is a legal firm, which has offices in 35 countries. There were 2 lakh 14 thousand accounts in these documents. These are in the banks of Panama for nearly 40 years.
- Macek Fonsek's headquarters made in 1977 is in Panama. It gives advice on financial matters by taking heavy fees from companies or people around the world.
According to Indian Express, under the garb of advice, this company makes offshore companies. That is, you pay fees and make companies in countries with secret and easy tax system. These legal firms make offshore companies of people who go by the tax laws of the respective countries but hide the real ownership.

Who gets the documents?
- The German newspaper Sueddeutsche Zeitung acquired these documents through a source. This data in size is 2.6 Terabytes. This is several times more than the release of WikiLeaks Julian Assange and CIA's X agent Edward Snowden.


Who conducted Research?
- The International Consortium of Investigative Journalists (ICIJ) was research on 1.5 million tax documents received from German daily. These documents were from 1975 to 2015. This conglomerate had 370 journalists from more than 100 media houses worldwide. There were also some Indian journalists in this.

How many big names?
- This list includes 12 existing or X world leaders. These included 140 leaders, including Russian President Vladimir Putin, Pakistan's Prime Minister Nawaz Sharif, China's President Xi Jinping, etc. Former Pakistan PM Benazir Bhutto was also named. Bhutto has been killed in a terrorist attack. The President of Ukraine and King of Saudi Arabia was also in this list. Hollywood star Jackie Chan was also part of this list.
- Leonole Massey, whose name is arguably bigger than the sports he plays, is also in the list.

How many Indians?
According to the Indian Express, there were 500 Indians, companies and trusts in this list. Amitabh Bachchan and Aishwarya Rai Bachchan also came under the scanner. DLF promoter KP Singh, Indiabulls' Sameer Gehlot, Gautam Adani's elder brother Vinod Adani and underworld donor Iqbal Mirchi were named in the list.

Why Amitabh and Aishwarya's name?
- Amitabh: According to the Indian Express, Amitabh was made director of four companies. Three of them were in the Bahamas, while one was in the Virgin Islands. They were built in 1993. The amount of authorized capital of these companies was between 5 thousand and 50 thousand dollars, but these companies were trading in those ships whose price was in crores.

Aishwarya: She was first made director of a company. Later she was declared the shareholder of the company. The company’s name was Amik Partners Private Limited. Its headquarters was in the Virgin Islands. Apart from Aishwarya, her father Rai, mother Vrinda Rai and brother Aditya Rai were also their partners in the company. As per the information, the company was incepted in the year 2005. But, in 2008 it was closed.
What was Amitabh’s Reaction?

Amitabh’s reaction was like this- - "I want to repeat the news of the Panama Papers once again that I have never been a director in the board of those four companies, contrary to what the Indian Express report claims." I am happy that the Government of India has started investigating this issue. I want to know myself how my name came in those four companies.
In the earlier statement, Amitabh also said that he has no relation with these companies.
What did the firm say?

- After leaked documents, Mosaic Fonseca said that this is a crime and we consider it an attack on our country of Panama. According to the company, some countries do not like our success. At the same time, the Panama government had said that it runs on Zero Tolerance policy with suspicious deals and if a country is to be legally investigated, it will help in investigation.

0 comments:

Post a Comment